Taking a Stand: Home Buyers tax credit ends soon

(WFIE) - It's hard to believe now, but spring is just around the corner, and that means time is running out to take advantage of the Home Buyers tax credit.

As a reminder, it's $8,000 for first time home buyers and $6,500 for repeat buyers.

You must have signed a purchase contract by April 30, and you must complete the deal by June 30.

That sounds like a lot of time, but we're almost in February, and typically, it takes a couple of months to find a house, and it now takes longer to close, anywhere from 45 days to two months.

Real estate sales started to pick up toward the end of 2009 and there are fewer houses on the market.

National and local experts are expecting a surge in real estate activity in the first quarter, so if you are thinking about buying or selling your home, don't wait too long and lose out on the tax credit incentive.

©2009 WFIE. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.